Un-freakin-real: Obama bans American oil drilling in Gulf, backs $1 billion loan to help Mexico drill in Gulf
If you saw it in a movie, you’d say it was so preposterous that it was a fatal flaw in the plot. It’s just so unbelievable that it’s…well…unbelievable.
If you saw it in a movie, you’d say it was so preposterous that it was a fatal flaw in the plot. It’s just so unbelievable that it’s…well…unbelievable.
Of course, Fox News reported the story that the other networks couldn’t be bothered with:
Mexican oil, sí! American oil, no!
Despite President Obama’s moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company’s oil drilling in the region.
The bank, which is the official American export credit agency, loaned more than $1 billion to PEMEX in 2009 — when the company was the bank’s largest borrower — in support of its drilling activities. That year, the bank also guaranteed two loans totaling $300 million made by a commercial lender.
The latest request comes during a drilling moratorium that was first imposed by Obama in May to find out what was the cause behind the April 20 Deepwater Horizon oil rig explosion killed 11 workers and led to 206 million gallons of oil spewing from BP’s undersea well.
After a federal court struck down the ban amid complaints that it threatened thousands of jobs in the offshore oil industry, the Obama administration issued a new moratorium in July on most deep-water drilling activities that is in effect until Nov. 30.
The Export-Import Bank said the moratorium doesn’t affect its pending deal with PEMEX.
Here’s a knife. Stab me. Here’s a gun. Shoot me. Here’s a rope. Hang me.
